Apartment Communities Sell in Metro Area
- Sep 17, 2012
Investors are looking to capitalize on the high demand for apartments in the Washington, D.C., metro area. From affordable housing to luxury condos, apartment communities have been seeing a lot of activity. In the past week, two apartment complexes sold in the Washington, D.C., metro area, totaling 1,005 units.
One of the properties is the Grosvenor Tower, located in North Bethesda, near the Grosvenor Metro Station on Grosvenor Place. It was purchased by a partnership led by Archstone, one of the largest owners of high-quality apartment communities in the United States.
The property will be renamed Archstone Grosvenor Tower. Amenities include a 24-hour fitness center with a pilates/dance room, a swimming pool with sundeck, a business center and a walking/biking trail with direct access to the Metro. The apartments feature granite countertops, maple cabinetry, stackable washers and dryers, wood-plank flooring in the living rooms and balconies. The high-rise apartment community is ideally positioned to offer its tenants a wide variety of high-end retail, food and entertainment options.
The second property is the Hamptons at Town Center, located at 19757 Crystal Rock Drive, in Germantown, Md., an important part of the Washington, D.C., metro area. The 768-unit complex was built between 1979 and 1982, and recently underwent a capital improvements program. Its amenities include a fitness center, clubhouse, business center, pool, sports courts and laundry facilities.
Montgomery County acquired The Hamptons at Town Center for $90.3 million. CBRE Group’s Bill Roohan, Michael Muldowney, Michael Rudolph, Brian Margerum, Andrew Boyer and Martha Hastings represented the seller, Harbor Group International. Harbor Group will continue to manage the property. The Hamptons at Town Center is approximately 97 percent occupied.
A Marcus & Millichap report released for the third quarter of 2012 says the heightened competition for assets across the metro has supported an 8 percent bump in the median price of properties sold over the past year to $101,500 per unit. The median price rose 3 percent in the district, to $82,600 per unit. The report also says that greater access to financing for qualified borrowers and highly competitive bidding for most properties will sustain an active and liquid market.
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Image courtesy of http://www.myhgmc.com.
Chart courtesy of Marcus&Millichap.